https://www.taxtmi.com/caselaws?id=15435 The Court dismissed the reference application, affirming the Tribunal's determination of the hotel building's construction cost based on the registered valuer's assessment. It emphasized that the Assessing Officer's discretion to refer valuation to the District Valuation Officer must be justified by valid reasons and supported by evidence. The Court clarified that when an assessee maintains proper accounts, those should be relied upon unless substantial grounds exist for deviation. The reference application was dismissed as no legal question arose from the Tribunal's decision. en-us Fri, 05 Nov 1999 00:00:00 +0530 Thu, 06 Aug 2009 15:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15435 The Court dismissed the reference application, affirming the Tribunal's determination of the hotel building's construction cost based on the registered valuer's assessment. It emphasized that the Assessing Officer's discretion to refer valuation to the District Valuation Officer must be justified by valid reasons and supported by evidence. The Court clarified that when an assessee maintains proper accounts, those should be relied upon unless substantial grounds exist for deviation. The reference application was dismissed as no legal question arose from the Tribunal's decision. Case-Laws Income Tax Fri, 05 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15435